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New Survey Shows FIs Are Fumbling Gen Z Relationships

“Over half of Gen Z say they would switch banks due to a poor customer experience.”

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A new study shows that Gen Z has a very low tolerance for bad mobile experiences. A new study shows that Gen Z has a very low tolerance for bad mobile experiences. (Source: Shutterstock)

Despite the banking industry’s attempts to become more innovative to appeal to Generation Z digital natives, financial institutions are not making the anticipated impact they hoped especially in customer experiences.

A survey from New York City-based Lightico, which provides a customer experience platform, financial institutions have stepped up their efforts to take full advantage of the economic clout of Generation Z (adults born after 1997), which represent $44 billion in buying power and by 2020, up 40% of U.S. consumers.

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Roy Urrico

Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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